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A FLASH FLOOD WATCH is in effect for Austin, Brazos, Burleson, Grimes, Houston, Lee, Madision, Montgomery, San Jacinto, Trinity, Walker, Waller, & Washington Counties until 8am Saturday morning.
A recent study of US home prices puts College Station at the top of the most undervalued list.
"Undervalued means relative to something else. Well, there's a lot of different people who will give you an opinion or a number of what they think that number ought to be," said Jim Gaines, research economist, Texas A&M Real Estate Center.
According to National City Corporation, the group behind the study, house values in College Station are 19 percent below the norm and that means the city is one of the most affordable places to live.
"Recently we completed our own housing study for Texas and compared it to the state level and the U-S level. And yes, all of our cities and the state as a whole are very affordable Texas is very affordable relative to the rest of the count," said Gaines.
But it may not be all good news, some are concerned that all-time low home prices and interest rates might hurt future market value. But according to Gaines, this is mostly a good thing.
"Affordable housing is a good thing as long as you don't get to the point where you have over building," said Gaines. "We like to see markets with affordable housing, it answers social issues and it means people who don't make as much still have the ability or an opportunity to acquire ownership."
While there are many pros to having undervalued homes in a community there are also some cons. These low priced residences might be the reason why Texas has a high foreclosure rate.
"Our foreclosure rates look a lot higher as a result because if you get a notice of default selling the house while its an option it may not be a good option in terms of the price being up," said Gaines.
But after examining salaries for Brazos County, undervalued homes mean low prices and that translates into more homeowners.
"Our incomes are high relative to the income it takes to buy the individually priced house in the state and in Bryan College Station its even higher," said Gaines.
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